Why should you outsource payroll? What are its benefits? Most Indian HR and finance heads are known to be confused with regards to the utility and benefits of giving the tasks of payroll processing to third parties. If you are one among them, then this article will help you understand the benefits of outsourcing payroll rather than doing it in-house.   Payroll Outsourcing

Benefits of Payroll Outsourcing

Outsourcing payroll in India will give your business the right edge in 2018. Here are some important benefits that are lying in wait for you if you decide to go the full way.

1. Time Savings & Productivity

Payroll processing, be it with regards to Employee Provident Fund or something else, is a cumbersome and time-consuming affair. You have to take care of garnishments, benefit deductions, new hires, terminations, regulation changes, payroll-based compliance and a host of other frustrating tasks.  On a yearly basis, you will find a significant number of hours being spent preparing payment invoices and payroll reports (along with a host of other documents), updating employee information, etc. By outsourcing payroll, you can help the in-house HR and finance teams concentrate on their core activities and other strategic tasks to impact the organization’s bottom line favorably – one pay period after the other!

2. Cost Reductions

The direct expenses linked to payroll processing are likely to plummet by outsourcing the work on hand to experienced payroll management companies in India. This especially rings true if you have more than 30 employees to take care of with respect to calculating and paying their salaries, updating their leave and other records, handling their Employee Provident Fund accounts, and so forth.  The time and manual effort spent in performing various payroll-related activities, in terms of money, is certainly a lot. Not to mention the salary and perks payable to the employees in the payroll department in-house. One of the many benefits of outsourcing all payroll related work is that you can get the tasks completed through professionals in the field of payroll management. They have the right tools and technology to perform the task in the most efficient of ways – and that too at reduced overall costs to bring you good savings.

3. Avoid Penalties and Mistakes

Concerned about complying with the rules and regulations guiding your company’s Employee Provident Fund or the other legalities pertaining to payroll? It is natural for you to think about omitting all possible errors so as to evade unnecessary penalties for incorrect or late filings. These penalties turn out to be very costly in terms of taking a toll on organizational finances and market reputation alike. Moreover, in case you get flagged by the requisite governmental authorities, there is a spate of legal actions and repercussions that will come your way.   As these mistakes may lead to more audits and further penalties, it is best to nip them in their bud by outsourcing the task to professionally trained payroll providers in India. Along with being updated with the rules, regulations and alternations in tax rates and Employee Provident Fund regulations, these providers are adept at calculating payroll taxes, managing filings and payments, etc. They will take care of all challenging regulatory issues, keep you in sync with all payroll-affecting changes, and guide you on the right path to compliance – thereby saving the costs and headaches of making serious mistakes.

Way Forward

Conclusively, it would suffice to say that if you have been facing productivity and profitability issues with regards to payroll processing then it is time to make some positive shifts. By leveraging the key benefits of outsourcing payroll activities, you may look forward to placing your organization in front of all competition – Just go for it!  

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CA. Vipul Gandhi

Associate Director

Khandhar Mehta & Shah - Chartered Accountants

‘Paysquare’ a perfect match for us as a consultant to deliver the best to our client. It extends User friendly portal for Employees and seamless processing of Payroll including statutory compliance on time! We

Parameshwer Matla

Human Resources

Columbus India

‘Paysquare’ a perfect match for us as a consultant to deliver the best to our client. It extends User friendly portal for Employees and seamless processing of Payroll including statutory compliance on The most valuable service that we get from you is "peace of mind." I know that once I submit our payroll information, everything will happen on time, payroll, pay slips, statutory reports, full and final settlement, returns and I know that we are and will be always in compliance with statutory laws regarding payroll.

Ramakrishna Dabbara

Sr. Manager – Finance

Sumtotal Systems

We would like to take this opportunity to thank you for your continual support till date! Your support especially during this pandemic has been awesome! Be it the TAT (turnaround time) you people are processing our requests, being accommodative in accepting the II, III payroll revisions, working late/ weekends, delivering the reports in time and minimal to zero errors are some of the examples of your commitment towards work & deliverables.

Abhijeet Shete

SENIOR MANAGER- HUMAN RESOURCE

Altra Industrial Motion India

We would like to take this opportunity to thank you for your continual support till date! Your support especially during this pandemic has been awesome! Be it the TAT (turnaround time) you people are processing our requests, being accommodative in accepting the II, III payroll revisions, working late/ weekends, delivering the reports in time and minimal to zero errors are some of the examples of your commitment towards work & deliverables.

Sukesh Baban Dhage

Manager Accounts

Hi Tech BioSciences India Private Limited

On behalf of Hitech Bio Sciences India Pvt. Ltd., Hi Tech Bio Laboratories, Hi Tech Analytical Works & Hi Tech Biosynth Pvt. Ltd., we appreciate your dedication to provide Payroll services to our companies from the approximately last 4 years. We acknowledge the fact that due to COVID-19, situation has become really tough across the globe. We all are forced to stay at our homes and take extra care of ourselves along with family members. It is a privilege to acknowledge you and your consultancy’s efforts and recognize the valuable service that you have provided to us. 

It is always gratifying to work with such great people with extraordinary abilities to provide good and quality service. The kind of response from your side get is fabulous and most memorable with professional culture. Specifically we would like to mention that, your approach towards the client is fantastic, for e.g. response to email is very prompt, continuous touch with client, on time response to queries or questioners’, on time and accurate report sharing. Flexibility to client requirement, Client / customer centric approach etc. Timely payment of salary gives a lot of confidence to all employees and it is due to our partners like Paysquare that Hi tech has never defaulted on its commitment of timely payment of salaries.

Ratnakar Dhakad

Senior Operation Manager

Tecknack Technologies Private Limited

We are very impressed with Paysquare team due to their ability to process payroll very efficiently. We found the implementation team very knowledgeable, supportive and very systematic.

Paysquare is a very matured payroll processing solution and they have well paid down processes to manage first time as well as every month's processing.

Monica Shah

HR Business Partner India

Victaulic Piping Products India Private Limited

Honestly , It has been an amazing experience working with Payroll team as on date . Deepika and Uma has been a strong support to us. They have always been very helpful and co-operative. I congratulate them to run payroll with zero error every month. And I expect the same level of support in future. I am happy to be associated with Payroll team.

Seagate India

Manager

I have been a client of Paysquare for 7 years and their services are fantastic. Migration from the old consultant to Paysquare was seamless. Soon after the migration, Paysquare team was up the learning curve. They never missed the deadlines provided by us. The team is always reachable, and they keep us informed about changes in taxes or government policies which impact payroll. I have complete confidence and trust in their payroll solutions, and we will always recommend them. Any company looking to ease their payroll burden with friendly service and a flexible, secure system should partner with Paysquare.